Elite cards pay back in kind

Perks range from concierge assistance to complimentary upgrades

Access to private airport lounges are a perk offered by many premium credit cards.

By:Camilla Cornell Published on Fri Nov 15 2013

Premium credit cards can be pricey, often requiring a household income upwards of $100,000 and charge fees of $65 to $700 per year. But these cards — often identified as “elite,” “world” or “platinum” — can pay off in the kind of luxury travel perks that no-fee cards don’t offer. They may even pay for themselves by nixing some expenses and reducing others. Here, seven significant benefits:

1. Lounge around. In the past, travelling on a first- or business-class ticket was the only way to get access to cushy airport lounges where you could freshen up, nosh a little or pour yourself a drink. Enter premium credit cards such as BMO World Elite and American Express Business Platinum that offer free lounge access at airports around the world.

2. Skip airport lineups. Last year, American Express took it a step further, announcing that its Aeroplan platinum cardholders could access priority check-in at the airport. No more waiting in line with the masses.

3. Get the lowest price — even after the fact. The cost of big ticket items such as airfare and electronics can fluctuate dramatically within a few days or a few weeks. But premium credit cards such as MBNA World Card and Capital One’s Platinum Mastercard have a built-in price protection policy that requires vendors to offer partial refunds if the cost of an item you’ve purchased with the card drops (usually up to 60 or 90 days post-purchase).

4. A concierge of one’s own. Elite credit cards such as RBC’s Visa Infinite Avion and the ScotiaGold Passport Visa Card offer 24/7 concierge teams that will help you choose a hotel, get seats at a concert, or snag reservations at some of the hottest restaurants in town. Beats spending $40 an hour for a personal assistant.

5. One-of-a-kind experiences. Big credit card companies such as Visa, Mastercard and American Express sponsor luxury lifestyle events including wine tastings, culinary events, concerts and film festivals. Premium card members may get VIP access, allowing them to schmooze with the stars or snag front-row seats. For example, Visa’s Infinite Music Series offers advance tickets and backstage access to some of the biggest shows of the year. And MasterCard’s “priceless experiences” offer cardholders the chance to participate in unique experiences (for a fee), such as a safari sleepover at the Bronx Zoo or a celebrity chef dinner. Go to priceless.com and plug in your city (or a city you’re planning to visit) to see what’s on offer.

6. Complimentary upgrades and other hotel perks. Cardholders often get access to elevated hotel and car rental loyalty status, ensuring they get best available rates, automatic upgrades and little extras like complimentary continental breakfast. Good bets include American Express Platinum and Visa Infinite.

7. Cellphone rescue plans and other forms of protection. Who hasn’t dropped, immersed or otherwise destroyed a perfectly good phone? The good news: cellphones and other purchases paid for by premium credit card will likely be covered if they’re damaged or stolen within a few months of the purchase. In addition, such cards often add a year to the basic manufacturer’s warranty protection on goods. No need to pay for expensive extended warranty plans offered by retailers.

Not all premium credit cards offer all of the features listed. You can check out a range of credit cards and their benefits with the Financial Consumer Agency of Canada’s credit card selector tool at fcac-acfc.gc.ca or at credit cards/redflagdeals.com.